Ferrari Nv · MIL:RACE
Ferrari Nv — Q1 2024 Earnings Presentation
29 slides from Ferrari Nv's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Results
Q1 2024 RESULTS MARANELLO, MAY 7, 2024
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This document, and in particular the section entitled “2024 guidance confirmed”, contain forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “continue”, “on t
Slide 3: Robust Mix Sustained a Strong Start to the Year
ROBUST MIX SUSTAINED A STRONG START TO THE YEAR Strong start to the year with revenues at ~€1.6B, EBITDA(1) at €605M and industrial FCF(1) at €321M Order book normalization in line with expectations Strong initial interest for the recently unveiled 12Cilindri and 12Cilindri Spider Roma Spider awarde
Slide 4: 4
4
Slide 5: Q1 2024 Highlights
Q1 2024 HIGHLIGHTS SHIPMENTS(2) NET REVENUES (UNITS) (€M) Q1 '24 3,560 Q1 '24 1,585 -0.2% +10.9% Q1 '23 3,567 Q1 '23 1,429 ADJ. EBIT(1) ADJ. DILUTED EARNINGS PER SHARE(1) (€M and margin %) (€) Q1 '24 442 27.9% Q1 '24 1.95 +14.8% +20.4% Q1 '23 385 26.9% Q1 '23 1.62 ADJ. EBITDA(1) INDUSTRIAL FREE CASH
Slide 6: Q1 2024 – Shipments
Q1 2024 – SHIPMENTS(2) SHIPMENTS BY REGION(3) SHIPMENTS BREAKDOWN (Q1 2024 VS Q1 2023) Quarterly shipments substantially flat vs (Q1 2024) Q1 2023 and reflected the deliberate EMEA +39 UNITS geographic allocations: INTERNAL (44% vs 43% PY) COMBUSTION ENGINE (ICE) 54% AMERICAS(4) • Roma Spider in ram
Slide 7: Net Revenues Bridge Q1 2023 – 2024
NET REVENUES BRIDGE Q1 2023 – 2024 (€M) Net revenues reported +10.9% Net revenues at constant currency +12.8% (9) +13.5% +12.0% -0.1% 166 16 1,604 1,585 (-) 58 58 (19) 1,429 1,422 146 145 58 58 (7) 130 130 1,400 1,382 1,241 1,234 Q1 2023 FX hedges Q1 2023 Q1 2023 w/o FX Cars and spare parts (6) Spon
Slide 8: Adjusted EBIT Bridge Q1 2023 – 2024
ADJUSTED EBIT(1) BRIDGE Q1 2023 – 2024 (€M) 123 6 458 442 (29) 385 378 (12) (16) (7) (8) Margin Margin Margin 28.6% 27.9% 26.9% Margin 26.6% ADJ. EBIT Q1 2023 FX hedges ADJ. EBIT Q1 2023 Volume Mix / Price Ind. Costs / R&D SG&A Other ADJ. EBIT Q1 2024 Change in FX 2023 ADJ. EBIT Q1 2024 Q1 2023 w/o
Slide 9: Industrial FCF and Net Industrial (Debt)/Cash Bridges
INDUSTRIAL FCF(1) AND NET INDUSTRIAL (DEBT)/CASH(1) BRIDGES DEC 31, 2023 – MAR 31, 2024 (€M) 595 (99) 321 (71) (8) 321 (195) (136) 38 (48) Adj. EBITDA Change in Net cash Capex (10) Industrial FCF (Industrial working interest & Q1 2024 December 31, Industrial FCF Share Currency, Other & March 31, 202
Slide 10: 2024 Guidance Confirmed
2024 GUIDANCE CONFIRMED (€B, unless otherwise stated) 2023 2024 ACTUAL GUIDANCE Based on the following assumptions for the year: • Positive product and country mix along with strong NET REVENUES 6.0 >6.4 personalizations • Racing activities impacted by lower Formula 1 ranking ADJ. EBIT 1.62 ≥1.77 in
Slide 11: Q&A
Q&A 11
Slide 12: Appendix
APPENDIX 12
Slide 13: Notes to the Presentation
NOTES TO THE PRESENTATION 1. Reconciliations to non-GAAP financial measures are provided in the Appendix. The from the rental of engines to other Formula 1 racing teams and from the sale of term EBIT is used as a synonym for operating profit. There were no adjustments engines to Maserati. Starting f
Slide 14: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION RANGE MODELS INTRODUCED Model / year of delivery 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RANGE MODELS 458 Spider FF F12berlinetta California 30 California T 488 GTB 488 Spider GTC4LUSSO 812 Superfast GTC4LUSSO T Ferrar
Slide 15: Strong Track-Record in New Models Introduction
STRONG TRACK-RECORD IN NEW MODELS INTRODUCTION SPECIAL SERIES AND LIMITED EDITION MODELS INTRODUCED Model / year of delivery 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 SPECIAL SERIES 599 GTO SA APERTA 458 Speciale 458 Speciale A F12tdf 488 Pista 488 Pista Spider 812 Compet
Slide 16: Group Shipments by Region
GROUP SHIPMENTS BY REGION(2)(3) 3,567 3,560 675 673 396 317 962 997 1,534 1,573 Q1 2023 Q1 2024 EMEA Americas(4) Mainland China, Hong Kong and Taiwan(5) Rest of APAC Note: (2) (3) (4) (5) Refer to notes to the presentation in the Appendix M a y 7, 2 0 2 4 16
Slide 17: Debt and Liquidity Position
DEBT AND LIQUIDITY POSITION NET INDUSTRIAL (DEBT) / CASH NET INDUSTRIAL (DEBT) / CASH (€M) (€M) At Mar. 31 At Dec. 31 38 2024 2023 2022 2021 Debt (2,623) (2,477) (2,812) (2,630) Cash and Cash Equivalents (A) 1,366 1,122 1,389 1,344 Net (Debt)/Cash (1,257) (1,355) (1,423) (1,286) (1,257) (1,295) Net
Slide 18: Financial Leverage Historical Trend
FINANCIAL LEVERAGE(15) HISTORICAL TREND Total available liquidity at €1,966M as of March 31, 2024 (€1,722M as of December 31, 2023), including undrawn committed credit lines of €600M Net Debt / Adj. EBITDA(1) Net Industrial Debt(1) / Adj. EBITDA(1) (Industrial Activities only) 1.2x 1.0x 0.9x 0.8x 0.
Slide 19: Capex and R&D
CAPEX AND R&D €M, unless otherwise stated Q1 ‘24 Q1 ‘23 Capital expenditures(10) 195 150 of which capitalized development costs(16) (A) 109 103 Research and development 146 136 costs expensed (B) Total research and development (A+B) 255 239 Amortization of capitalized 85 78 development costs (C) Res
Slide 20: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Operations are monitored through the use of various non-GAAP financial measures reflective of ongoing operational activities. that may not be comparable to other similarly titled measures of other companies. • Adjusted Earnings Before Interest and Taxes or “Adjusted EBIT”
Slide 21: Key Performance Metrics and Reconciliations of Non-GAAP Measures
KEY PERFORMANCE METRICS AND RECONCILIATIONS OF NON-GAAP MEASURES €M, unless otherwise stated Q1 ‘24 Q1 ’23 Net revenues 1,585 1,429 Cost of sales 782 711 Selling, general and administrative costs 124 114 Research and development costs 231 214 Other expenses/(income), net 7 6 Results from investments
Slide 22: Reconciliations: Total Net Revenues at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: TOTAL NET REVENUES AT CONSTANT CURRENCY(9) Q1 ‘24 at constant €M, unless otherwise stated Q1 ‘24 currency Cars and spare parts 1,382 1,400 Sponsorship, commercial and brand 145 146 Other 58 58 Total Net Revenues 1,585 1,604 Note: (9) Refer to notes to the presen
Slide 23: Reconciliations: Adjusted EBITDA and EBIT at Constant Currency
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED EBITDA AND EBIT AT CONSTANT CURRENCY(9) Q1 ‘24 at constant €M, unless otherwise stated Q1 ‘24 currency Adjusted EBITDA 605 621 Adjusted EBIT 442 458 Note: (9) Refer to notes to the presentation in the Appendix Certain totals in the tables included in th
Slide 24: Reconciliations: EBITDA and Adjusted EBITDA
RECONCILIATIONS OF NON-GAAP MEASURES: EBITDA AND ADJUSTED EBITDA €M, unless otherwise stated Q1 ‘24 Q1 ‘23 Net profit 352 297 Income tax expenses 88 84 Financial expenses/(income), net 2 4 Amortization and depreciation 163 152 EBITDA 605 537 Adjustments - - Adjusted EBITDA 605 537 Certain totals in
Slide 25: Reconciliations: Adjusted EBIT
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED EBIT €M, unless otherwise stated Q1 ‘24 Q1 ‘23 EBIT 442 385 Adjustments - - Adjusted EBIT 442 385 Certain totals in the tables included in this document may not add due to rounding M a y 7, 2 0 2 4 25
Slide 26: Reconciliations: Adjusted Net Profit
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED NET PROFIT €M, unless otherwise stated Q1 ‘24 Q1 ‘23 Net profit 352 297 Adjustments - - Adjusted Net profit 352 297 Certain totals in the tables included in this document may not add due to rounding M a y 7, 2 0 2 4 26
Slide 27: Reconciliations: Adjusted Basic and Diluted EPS
RECONCILIATIONS OF NON-GAAP MEASURES: ADJUSTED BASIC AND DILUTED EPS €M, unless otherwise stated Q1 ‘24 Q1 ‘23 Net profit attributable to owners of the Company 351 296 Weighted average number 180,250 181,783 of common shares (thousand)(17) Basic EPS (€) 1.95 1.63 Adjustments - - Adjusted Basic EPS (
Slide 28: Reconciliations: Free Cash Flow and Industrial Free Cash Flow
RECONCILIATIONS OF NON-GAAP MEASURES: FREE CASH FLOW AND FREE CASH FLOW FROM INDUSTRIAL ACTIVITIES €M, unless otherwise stated Q1 ‘24 Q1 ‘23 Cash flow from operating activities 505 398 Investment in property, plant and equipment, intangible (195) (150) assets and joint ventures(10) Free Cash Flow 31
Slide 29: Reconciliations: Net Industrial (Debt)/Cash
RECONCILIATIONS OF NON-GAAP MEASURES: NET INDUSTRIAL (DEBT) / CASH March 31, December 31, December 31, December 31, December 31, €M, unless otherwise stated 2024 2023 2022 2021 2020 Debt (2,623) (2,477) (2,812) (2,630) (2,725) of which: Lease liabilities as per IFRS 16 (117) (73) (57) (56) (62) Cash